Mirion Technologies Posts Record-Breaking Quarter Amid Nuclear Industry Uptrend
Mirion Technologies, a leading player in the nuclear instrumentation space, has announced record-breaking performance for the fourth quarter and full-year 2024. According to Tom Logan, CEO of Mirion, the company's revenue, adjusted EBITDA, and adjusted earnings per share all reached new highs.
In his address on the Q4 conference call, Logan attributed the success to the hard work of the Mirion team, who delivered outstanding results through planned operational and commercial actions. The company also achieved its guidance for the second consecutive year, despite facing significant foreign exchange headwinds.
One of the key highlights from the quarter was the expansion of the adjusted EBITDA margin by 110 basis points for the full year. This was driven by improvements in capital structure, including the redemption of outstanding public warrants and the repricing of the term credit facility. Additionally, all three tranches of founder shares fully vested in the fourth quarter, resulting in a cleaner and simpler capital structure.
Looking ahead to 2025, Mirion is well-positioned for growth. The company has a healthy pipeline of new activity, with approximately 49% of expected revenue already in backlog. This compares favorably to the 46% coverage seen coming into 2024. Logan also highlighted the positive momentum in both nuclear power and nuclear medicine, which is driving demand for Mirion's products.
In particular, the company has identified $300 million to $400 million of new order opportunities that are still in the early stages but showing promise. These projects have not been lost to competitors, and additional bidding opportunities are materializing as conversations mature.
As a strong player in the nuclear instrumentation space, Mirion occupies a unique category of one position. Approximately 37% of its revenue comes from the commercial nuclear power landscape, significantly more than any of its closest competitors. This provides investors with cradle-to-grave exposure to the 100-year nuclear power life cycle.
The company is poised to take a meaningful step forward in 2025 towards its long-range plan for 2028. With heavy lifting done on self-help initiatives, particularly in procurement, Mirion's go-forward results are expected to reflect these improvements. The company remains laser-focused on capital allocation and has a robust pipeline of opportunities available.
